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  • The method of measuring whether you manage personal finances effectively or not [Financial Education]

    The method of measuring whether you manage personal finances effectively or not [Financial Education]


    The most dangerous thing in financial management is that you don't know if you are doing well or not. You have no financial numbers, no personal financial statements. You don't know where the gap is. What money is spent effectively. What money is being devastated.Coaching personal finance with Phuc Finance to manage personal finance more effectively. And reveal how to measure your personal finances effectively. Let's go!

    Method # 1: 20% of all expenses generate 80% of the income and you have to track it down
    There are many brothers, when I consulted, said: I have a financial problem, I see how I should improve it. And I also asked gleefully: Yes, show me your financial numbers for our brothers to analyze. That's why you just startled, you don't have any financial figures.

    It's like building a house, if you don't have a map, you know what to build. Without a financial report, you should know how to build your assets with money. Without personal financial statements, business finance, how can you know which cash flows are effective and which are wasted. No one can control if it is impossible to identify how it is, what the parameters are.

    So, you need to record the entire set of expenses, even the smallest, to control where 20% of the expenses generate 80% of the income to boost spending there, to generate more income. than. And 80% of expenses that only generate 20% of that income must be cut. No matter what your emotions urge you to do, you are not allowed to spend it. Pay by efficiency, but efficiency here is to bring money. Finance that is.

    Always cultivate financial knowledge everyone. Was finances must be tied to numbers. Don't wish, roughly, I think, feel that way. Emotions will kill every block of your fortune. Many people lose tons of money just because they admire someone, feel someone good, and follow them. Know where your finances are. Know who you are. In Coaching course on personal financial management, I made automatic financial management file and told you to keep track of the cash flow in and out of the day. Have a number, always keep up with the number, and never leave the number. Would you like this personal finance dashboard for free? Phuc Finance will send you.

    Method # 2: Measure the figure according to the chi method in 6 jars
    In the spending-tracking method, these 6 jars have clearly identified each item to be spent. And only allowed to spend in that number, if exceeding this range is the number that alarms the financial situation is in danger. Specifically as follows: Consider your total monthly income to be 100%:

    1. Consumer fund only 55%: This fund includes, basic living expenses, clothing, funerals, meetings, medical examination, home purchase, car purchase, all expenses for consumption the life of you and your family. Not a month spent 55% of that month. It is the same fund spent in both your life and your family. If you exceed this amount, then you are too tempted to spend, spend all this consumer fund, then in the future you have nothing to say about dreaming of buying a home to buy a car. Therefore, this fund is always at least 70% surplus. 30% spent that month. The remaining 70% for the following months and later to buy large items such as houses and cars. This fund, if you spend too little, only 10%, for example, you will become a miser to yourself. Should also be aggressive a little.

    2. Study fund in only 10%: Do not borrow money to study. This study fund has money for the exams, otherwise it's okay. How many courses you have to buy, buy books with that money. Then new knowledge will work for you. But if the study fund is small, but you buy a course too much money, you will not absorb knowledge. If this fund has too much money and you do not go to school, hurry up and upgrade yourself by signing up for a course, if aggressive, it can be a foreign course to expand your eyesight.

    3. Fund investment in only 10%: Whatever you invest, it is only in the investment fund which accounts for 10% of the total income. That is the amount of investment that fits you. 5-point range, then investing 5 points will be effective. If I invest 5 points, I will definitely invest 100 points. Investment in excess of this investment fund is not allowed. And if this investment fund has a lot of money and you still have not dared to invest, then just dare to take out 30% and go to business. There are new known.

    What about the next 3 funds and the next effective financial metrics? Sign up for the Coach 101 package now that you need to know about money and own expensive knowledge to protect your money and make money!

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